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Monthly Budget Review: Summary for Fiscal Year 2016 1 (November 7, 2016)

handle is hein.congrec/cbo3235 and id is 1 raw text is: ~NOVEMBER 7, 201 6 Monthly Budget Review: Summary for Fiscal Year 2016 In fiscal year 2016, which ended on September 30, the federal budget deficit totaled $587 billion- $148 billion more than the shortfall recorded in 2015. Measured as a share of the nation's gross domestic product (GDP), the deficit increased to 3.2 percent in 2016, up from 2.5 percent in 2015. About $41 billion of that increase resulted from a shift in the timing of some payments that the government ordinarily would have made in fiscal year 2017; those payments were made instead in fiscal year 2016 because October 1, 2016 (the first day of fiscal year 2017), fell on a weekend. If not for that shift, the deficit in 2016 would have been about $546 billion, or 3.0 percent of GDP-still considerably higher than the deficit recorded for 2015. Fiscal Year Totals (Billions of dollars) 2011 2012 2013 2014 2015 2016 Receipts 2,303 2,450 2,775 3,021 3,249 3,267 Outlays 3,603 3,537 3,455 3,506 3,688 3,854 Deficit (-) Amount -1,300 -1,087 -680 -485 -439 -587 Percentage of GDP -8.5 -6.8 -4.1 -2.8 -2.5 -3.2 Sources: Congressional Budget Office; Office of Management and Budget; Department of the Treasury. In 2016, the government's revenues amounted to $3.3 trillion-$18 billion (or less than 1 percent) greater than receipts recorded in 2015. As a percentage of GDP, revenues fell from 18.1 percent in 2015 to 17.8 percent in 2016; but, for the third year in a row, they remained higher than the average (17.4 percent) over the past 50 years. Net spending by the government was $3.9 trillion in 2016-$166 billion (or about 5 percent) more than outlays in 2015. Outlays amounted to 20.9 percent of GDP in 2016, compared with 20.6 percent in 2015. The percentage in 2016 was well below the recent peak of 24.4 percent in 2009 but above the 50-year average of 20.3 percent. Total Receipts: Up by Less Than 1 Percent in Fiscal Year 2016 The small increase in receipts resulted from offsetting movements in the major sources of revenues compared with the amounts recorded in 2015: * Receipts from individual income taxes, the largest source of revenues, rose by just $5 billion (or less than 1 percent). As a share of the economy, those receipts fell from 8.6 percent of GDP in 2015 to 8.4 percent of GDP in 2016. However, that percentage of GDP is still higher than in any year since 2001, except for 2015. o Total amounts withheld from workers' paychecks, including both income and payroll taxes, increased by $83 billion (or 4 percent), probably because of growth in wages and salaries. However, the growth reported for withheld individual income taxes (2 percent) was lower than the growth for withheld payroll taxes (6 percent). The amounts currently recorded for those two sources are allocations of total withholding made on the basis of estimates by the Department of the Treasury. When actual tax return data for 2016 become available, the department

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